At the beginning of every month, I send an investment letter, the GMC Notes, to all my clients. The purpose of sharing this is to document my thinking process during the investment journey and also invite constructive discussion so we all can learn from each other.

Note this post will only be published one month after I send it to my clients.  So by the time you read it, there might already be material changes in the financial markets and some assumptions may not hold anymore. You should NOT take this as an investment advice.  

Below is the takeaway from my February 10, 2020 report.

The coronavirus has occupied much of our mindshare in recent days. Who has thought that a roll of toilet paper and a bag of rice will be the best CNY gift? Jokes aside, we need to understand that this is not the end of the